Net Assets

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Net Assets

Note 9 — Net Assets

The Company has the authority to issue 100,000,000 shares of common stock, $0.01 par value per share. In October 2015, in connection with the Company's formation, the Company issued and sold 1,667 shares of common stock to R. David Spreng, the President and Chief Executive Officer of the Company and Chairman of the Company's Board of Directors, for an aggregate purchase price of $25 thousand.

Private Common Stock Offerings

On December 1, 2017, the Company completed its initial private offering ("Initial Private Offering"), in which the Company issued 18,241,157 shares of its common stock to stockholders for a total purchase price of $275.0 million in reliance on exemptions from the registration requirements of the Securities Act, and other applicable securities laws.

Beginning October 15, 2019 and ending September 29, 2021, the Company had completed multiple closings under its second private offering (the "Second Private Offering") and had accepted aggregate capital commitments of $181.7 million. In connection with the Second Private Offering the Company has issued 9,617,379 shares of its common stock for a total purchase price of $144.3 million. Concurrent with the IPO, all undrawn commitments under the Second Private Offering were cancelled.

On March 31, 2020 and March 24, 2021, the Company had issued in aggregate 22,564 shares as an additional direct investment by Runway Growth Holdings LLC, an affiliate of RGC, at a per-share price of $15.00 for total proceeds of $0.3 million in a private offering pursuant to an exemption from registration under Regulation D of the Securities Act.

Initial Public Offering

On October 25, 2021, the Company closed its IPO, issuing 6,850,000 shares of its common stock at a public offering price of $14.60 per share. Net of underwriting fees and offering costs, the Company received net cash proceeds of $93.0 million. The Company’s common stock began trading on the Nasdaq Global Select Market LLC on October 21, 2021 under the symbol “RWAY”.

Repurchase Program

On February 24, 2022, the Board of Directors approved a repurchase program (the “Initial Repurchase Program”) under which the Company could have repurchased up to $25.0 million of its outstanding common stock. Under the Initial Repurchase Program, the Company could have repurchased shares at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of December 31, 2022, the Company had repurchased 871,345 shares of the Company's common stock under the Initial Repurchase Program for an aggregate purchase price of $10.8 million. No shares were repurchased during the year ended December 31, 2023. The Board of Directors did not renew the Initial Repurchase Program, and it expired on February 24, 2023.

On November 2, 2023, the Board of Directors approved a new share repurchase program (the "Repurchase Program"), under which the Company may repurchase up to $25.0 million of the Company's outstanding shares of common stock. Under the Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations.

As of December 31, 2023, the Company has not repurchased any shares in connection with the Initial Repurchase Program. If not renewed, the Repurchase Program will terminate upon the earlier of (i) November 2, 2024 and (ii) the repurchase of $25.0 million of the Company's shares of common stock.

Distributions

The Company intends to pay quarterly distributions to its stockholders out of assets legally available for distribution. All distributions will be paid at the discretion of the Board of Directors and will depend on the Company's earnings, financial condition, maintenance of RIC status for income tax purposes, compliance with applicable BDC regulations and such other factors as the Board of Directors may deem relevant from time to time.

For the year ended December 31, 2023, the Company declared and paid dividends in the amount of $73.3 million, of which $70.8 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan. For the year ended December 31, 2022, the Company declared dividends in the amount of $51.6 million, of which $40.7 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan. For the year ended December 31, 2021, the Company declared dividends in the amount of $44.9 million, of which $17.9 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan.

Dividend Reinvestment Plan

The Company maintains a dividend reinvestment plan for common stockholders (the "Dividend Reinvestment Plan"). The Company's Dividend Reinvestment Plan is administered by its transfer agent on behalf of the Company's record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company's Dividend Reinvestment Plan but may provide a similar distribution reinvestment plan for their clients. The share requirements of the Dividend Reinvestment Plan may be satisfied through the issuance of new common shares or through open market purchases of common shares by the Company.

During the years ended December 31, 2023, December 31, 2022, and December 31, 2021, the Company purchased 204,658, 781,498, and 1,830,974 shares of common stock in the open market under the Dividend Reinvestment Plan for a total of $2.5 million, $10.9 million and $27.0 million, respectively.

The following table summarizes the distributions declared and paid since inception through December 31, 2023:

Declaration Date	Type	Record Date	Payment Date	Amount per Share
May 3, 2018	Quarterly	May 15, 2018	May 31, 2018	$	0.15
July 26, 2018	Quarterly	August 15, 2018	August 31, 2018	$	0.25
November 1, 2018	Quarterly	October 31, 2018	November 15, 2018	$	0.35
March 22, 2019	Quarterly	March 22, 2019	March 26, 2019	$	0.40
May 2, 2019	Quarterly	May 7, 2019	May 21, 2019	$	0.45
May 2, 2019	Quarterly	May 31, 2019	July 16, 2019	$	0.46
July 30, 2019	Quarterly	August 5, 2019	August 26, 2019	$	0.45
September 27, 2019	Quarterly	September 30, 2019	November 12, 2019	$	0.04
December 9, 2019	Quarterly	December 10, 2019	December 23, 2019	$	0.40
March 5, 2020	Quarterly	March 6, 2020	March 20, 2020	$	0.40
May 7, 2020	Quarterly	May 8, 2020	May 21, 2020	$	0.35
August 5, 2020	Quarterly	August 6, 2020	August 20, 2020	$	0.36
October 1, 2020	Quarterly	October 1, 2020	November 12, 2020	$	0.38
March 4, 2021	Quarterly	March 5, 2021	March 19, 2021	$	0.37
April 29, 2021	Quarterly	April 30, 2021	May 13, 2021	$	0.37
July 19, 2021	Quarterly	July 20, 2021	August 12, 2021	$	0.34
October 28, 2021	Quarterly	November 8, 2021	November 22, 2021	$	0.25
February 24, 2022	Quarterly	March 8, 2022	March 22, 2022	$	0.27
April 28, 2022	Quarterly	May 10, 2022	May 24, 2022	$	0.30
July 28, 2022	Quarterly	August 9, 2022	August 23, 2022	$	0.33
October 27, 2022	Quarterly	November 8, 2022	November 22, 2022	$	0.36
February 23, 2023	Quarterly	March 7, 2023	March 21, 2023	$	0.40
February 23, 2023	Supplemental	March 7, 2023	March 21, 2023	$	0.05
May 2, 2023	Quarterly	May 15, 2023	May 31, 2023	$	0.40
May 2, 2023	Supplemental	May 15, 2023	May 31, 2023	$	0.05
August 1, 2023	Quarterly	August 15, 2023	August 31, 2023	$	0.40
August 1, 2023	Supplemental	August 15, 2023	August 31, 2023	$	0.05
November 1, 2023	Quarterly	November 13, 2023	November 28, 2023	$	0.40
November 1, 2023	Supplemental	November 13, 2023	November 28, 2023	$	0.06